The government of Puerto Rico ran out of money Monday, forcing the U.S. commonwealth to close public schools and shut down government offices, putting almost 100,000 people out of work.

The legislature and governor failed to reach a last-minute accord that would have averted the first-ever partial shutdown of the government in island history.

All 1,600 public schools on the island were closed two weeks before the end of the academic year, and 43 government agencies were shut down after negotiations between lawmakers and Gov. Anibal Acevedo Vila failed.

Acevedo blamed "legislative inaction" for the shutdown.

"As of 8 a.m. this morning, I don't have in hand a single legislative proposal that resolves this crisis," he told reporters.

The closure gave an unplanned holiday to 500,000 students and threw almost 100,000 government employees -- including 40,000 teachers -- temporarily out of work. The governor has said essential services, such as police and hospitals, would continue during the shutdown.

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